Articles

The Russian people has spoken!

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by Mauro Gemma (director of Marx21.it)

The Russian people has spoken, and his voice has resounded powerful.

The Russian people, with their vote, wanted to confirm their confidence in a line of strenuous defence of its homeland, which is currently the target of a massive campaign conducted by Western governments, political forces of different inspiration and mass media which are completely subservient to a war logic of imperialism. This is the true sense of the vote, as Putin himself acknowledged.

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A market awaiting developments

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Demostenes Florosaboutenergy.com

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The downward trend in oil prices seen in recent months reflects the development of shale in the United States, a evolving situation within the sector that for the time being is not a source of concern to OPEC countries, which are currently engaged in complying with the agreed output cuts

In February, oil prices strongly decreased by approximately $5/b. In particular, on February 1st, North Sea Brent and West Texas Intermediate quoted at $69.75/b and at $66.01/b respectively. On February 28th, the European and Asian benchmark priced at $64.66/b, while the American blend traded at $61.55/b. At the time of writing, Brent was quoting at $63.78/b and WTI at $60.25/b.

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A look on the elections of 4th March

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Marco Pondrelli for Marx21.it

This article by Comrade Marco Pondrelli is the first of a series of contributions that Marx21.it will dedicate to elections and other central themes of the political debate, with the aim of providing a key reading and a non-conjunctural contribution to the debate on the left.

What were the camps on the ground in these elections? Confindustria's [1] newspaper gave the answer: Sergio Fabbrini in two editors (14th and 21st January) appeared on' il Sole 24 Ore' explained that in Italy Europeists and Souverainists were confronted. Two sides transversal to the different sides and individual parties, but with clearly defined characteristics. On the one hand, there was European integration and, as Panebianco (Universitary Professor and editorialist of Corriere della Sera) often reminds us from the columns of the' Corriere della Sera' (Conservative newspaper), NATO, on the other hand, national sovereignty.

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Rising prices

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Demostenes Florosaboutenergy.com

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During the first month of 2018, oil prices increased as OPEC and non-OPEC producers respected the cuts

During the first month of 2018, oil prices rose because the Organization of the Petroleum Exporting Countries - headed by Saudi Arabia - and the non-OPEC crude producers - led by the Russian Federation - complied with their output limits at a rate of 125% in December, up from 122% a month earlier. Particularly, Brent North Sea quality opened the negotiations at $66.57/b and closed at $69.05/b, while West Texas Intermediate blend opened at $60.37/b, closing at $64.73/b.

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The changing trend in oil prices

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Demostenes Florosaboutenergy.com

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There have been many bullish factors in recent months. Following the OPEC/non-OPEC agreement, the positive trend has been driven by the weakness of the American dollar, the fall in U.S. stocks and the suspension of several supply sources due to the closing down of a number of oil wells

In December, oil prices rose in the wake of the extension of the OPEC/non-OPEC deal, which increased the compliance with the output cuts to 115% in November, bringing the 2017 average compliance to 91%. In particular, Brent North Sea quality opened the negotiations pricing at $63.70/b and closed at $66.62/b – that is a record high since May 2015 – while West Texas Intermediate opened at $58.36/b, closing at $60.25/b – the highest level since June 2015. At the time of writing, Brent was quoting $67.98/b and WTI $61.92/b.

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Oil and currency trends

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Demostenes Florosabo.net

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Rising oil prices, up to the highest levels since mid-2015. Trends in light of the 2018 extension of the OPEC / non-OPEC agreement signed in November 2016 and expiring on March 31, 2018

In November, oil prices increased, advancing to their highest levels since mid-2015. In particular, Brent North Sea crude quality opened at $60.44/b and closed at $62.71/b, while West Texas Intermediate blend opened at $54.27/b closing at $57.45/b in the wake of the extension of the November 2016 OPEC/non-OPEC agreement through to end of 2018, which should have expired on March 31st 2018. At the time of writing, Brent was trading at $62.81/b and WTI at $57.10/b.

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Rising oil prices

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oilpricesDemostenes Florosabo.net

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US tight oil output growth, falling global stocks and a higher demand for oil forecast for 2017 are among the factors behind the upward trend in prices

In October, oil prices significantly increased to around $4-5/b similar to what occurred in September too. In particular, Brent North Sea quality opened at $56.10/b and closed at $61.18/b, while West Texas Intermediate opened at $50.90/b and closed at $54.88/b. Thus, on October 27th, Brent overcame the threshold of $60/b for the first time in more than two years. At the time of writing, Brent and WTI were respectively pricing at $63.42/b and at $56.89/b in the wake of the domestic political tensions regarding the Saudis Crown. The price gap between the European and Asian benchmark and the American reference, which has been persisting at around $5-6/b, is almost entirely the consequence of the hurricanes in the Unites States, whose main effect was to decrease the refinery demand so, the WTI price. 

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Upward trend in oil prices

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crude oilDemostenes Floros abo.net

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Increasing demand for oil, together with declining US stocks and OPEC exports, is reflected in steadily and continuously rising prices

In September, oil prices significantly increased at around $4/b. In particular, Brent North Sea quality opened at $52.75/b and closed at $56.68/b, while West Texas Intermediate opened at $47.34/b and closed at $51.54/b. At the time of writing, Brent was trading at $56.06/b and WTI at $50/b.

The European/Asian benchmark and the American reference reached their monthly high respectively, on September 25th – quoting at $59.24/b, a record high in the last 26 months – and on September 26th – pricing at $52.40/b, the maximum for the last two years – in the wake of the independence referendum held in the Iraq’s Kurdish region, the result of which clearly showed the will to separate from Baghdad. 

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IV European Forum: China and EU – Political and economical cruxes in the framework of the “New Silk Road” and of a “New Globalization”

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Rome, FRIDAY 13 OCTOBER
SALA CONVEGNI EUROSTARS ROMA AETERNA

PIAZZA PIGNETO 9

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The forum to be held on 13th October in Rome on «China and EU – Political and economical cruxes in the framework of the “New Silk Road” and of a “New Globalization”», promoted by the Chinese Academy of Marxism at the CASS (Chinese Academy of Social Sciences) in collaboration with the association “Marx XXI”, the website marx21.it and MarxVentuno editions, as well as by Gramsci Foundation, addresses the main cruxes of a turning point in contemporary history. As stressed by Fabio Massimo Parenti (see his paper: “The new way of silk as a strategic proposition of a multipolar world”), it’s about “a strategic choice between the use of weapons and the silk road”, between “a model of commercial, financial and political cooperation, aimed at interconnection, innovation and ultimately at creating material conditions for widespread development and mutual benefit” and a world order marked by regime changes (by means of “colored revolutions” [1] which that heavily marked the last three decades, since 1989 onwards) and pronounced militarization in the world, one of the most disturbing aspects of which is represented by the NATO expansion eastward.

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The oil price conundrum

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Demostenes Florosabo.net

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Between ups and downs, the month of August has seen a re-balancing of oil markets, with the main qualities on a downward trend, OECD stocks dropping, and the Russians and Chinese showing their hand for their next energy moves

In August, Brent North Sea quality opened at $51.52/b and closed at $52.85/b, while West Texas Intermediate price reduced, moving from $49.03/b to $47.11/b. At the time of writing, Brent crude was quoting at $54.02/b, while WTI was trading at $49.12/b.

During the first part of the month, both the European and Asian benchmark and the American reference were quite stable. In particular, on August 9th, Brent quoted at $52.76/b because the futures related to this quality returned in backwardation, while WTI reached its monthly high at $49.81/b.

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